In my latest column for Fox News, I address attacks on President Obama’s taken-out-of-context remarks about the role of public infrastructure alongside individual effort in creating private sector success in America. I tell the story of my grandfather, a small business owner, and how he worked hard and also relied on public schools and roads and laws to build his business.
By grandfather was not rich, certainly not by today’s standards. But when Ronald Reagan was president, my grandfather paid almost 50% of his income in taxes to help make sure that good public schools and safe streets and the things we all need to succeed in America would be available for the next generation. Today, hedge fund managers and big business CEOs pay lower tax rates than middle class families. In fact, the tax rate for the very wealthy is the lowest it’s been in over 60 years.
That’s what this debate is about. Everyone agrees that hard work and entrepreneurship are key to business success. But government also plays a vital, supporting role. A generation ago, those who did well in America did their part, paying even more than the rest of us to ensure that infrastructure was available to the next generation. But today, those who are succeeding the most in our country are paying the least. It’s not right.
I hope you’ll read the rest of the essay here and share it widely.